How Agents Can Break into the Medicare World

As an insurance agent, it’s crucial to provide a wide variety of products to meet all your clients’ unique needs. Not only does this mean making more money, but also having the opportunity to form deeper connections with clients.

Entering the Medicare world is easier than it seems, and we can help you get started on that journey! Check out some tips for implementing these plans into your current portfolio.

If You’re Selling Property & Casualty Insurance

If you’re in the business of selling homeowners insurance, you’re safeguarding one of your client’s most valuable assets — their home.

Selling homeowners insurance and Medicare ensures your clients are fully protected from all angles.

What if you could offer more than just protection for their property? By diving into the world of Medicare, you’re not just ensuring their physical items are covered, but their health and well-being too. Selling homeowners insurance and Medicare ensures your clients are fully protected from all angles.

“Next time you’re in a meeting, try asking “Have you done a checkup on your health insurance premiums?” or “Are you satisfied with your current health coverage?” — Jake McGeoy, Senior Manager of Agent Relations — DC, DE, & MD

Additionally, when you help your clients out in more ways than one, it’s less likely for business to be stolen by another agent. You can build stronger client relationships and even gain referrals for the opportunity to serve clients’ friends and family. This is a great way to bring in long-term business.

If You’re Selling Marketplace Plans

Many Affordable Care Act (ACA) agents think that selling Medicare is daunting, but you might find it can be easier than ACA sales, and a natural way for you to continue doing business with your under-65 clients!

Through 2030, record numbers of baby boomers will age into Medicare. Many are also retiring before their 65th birthday and will still need health insurance during their waiting period before receiving Social Security and Medicare. Plus, your clients probably have more people in their family who will be aging into Medicare at different times. This will set you up to insure the whole household!

While ACA commissions are paid monthly, Medicare agents make money whenever a plan is sold. That’s a flat dollar amount per application (Medicare Advantage and prescription drug plans) or a percentage of the premium sold (Medicare Supplements). Just imagine how satisfying it will feel to watch the money roll in!

If You’re Selling Life Insurance

Adding Medicare into your portfolio can be extremely rewarding if you’re already selling life insurance. You’re in the business of helping clients feel secure with their end-of-life expenses, so why not help them feel confident about their health care too?

Selling Medicare plans allows for consistent income especially because many automatically renew every year. A great idea is to acquire life insurance clients outside of AEP, and then reconnect with them (compliantly!) to try and sell Medicare plans when the time comes. You’ll get better compensation throughout the year, and a higher chance for referrals. Most life insurance agents find that Medicare and health insurance is a much better “door opener” that allows you to form the relationship. Try starting off with that lead in and pivot back to life for the win!

Some life insurance agents feel that Medicare is too complicated, but that’s just not the case, especially if you just start with a piece of the pie: Medicare Supplements. Most Med Supps don’t require an annual certification and anyone with Original Medicare could benefit from one.

Deciding whether to sell Medicare to your life insurance clients is a no brainer if you want to keep your book of business long term. Think of it as an opportunity to become their one-stop-shop for all things insurance. You can also do a refresher campaign with your life clients and ask about their satisfaction with current health coverage. You will find it creates a great opportunity to upsell life coverage too.

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Offering a wide variety of products isn’t just about covering all the bases on your end, it’s about making sure you can serve your clients through all stages of life.

When you register with Ritter, it’s easy to create a robust portfolio you’re happy with for years to come. Join us and check out all the resources we have to offer!

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